Colombia says single rate rise is enough to curb inflation

BRASILIA: The Colombian central bank’s unexpected interest rate increase on Friday should be sufficient to anchor inflation expectations and does not indicate the start of tightening cycle, according to Finance Minister Mauricio Cardenas.

The decision to raise the benchmark lending rate by 25 basis points to 4.75% demonstrates the central bank's dedication to the 3% inflation target, plus or minus one percentage point, he said.